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Loan Comparison Kenya: Compare Offers From CBK-Licensed Lenders

Pedestrians outside bank offices in Nairobi: Loan Comparison Kenya: Compare Offers From CBK-Licensed Lenders
Pedestrians outside bank offices in Nairobi. Photo: Bobokine / CC BY-SA 3.0 via Wikimedia Commons

Updated 20 October 2026

Comparing loans in Kenya is hard because lenders quote their prices differently: some use a reducing balance, some a flat rate, and many add fees. This page lets you enter up to three offers you have received and see which is cheapest in total. Below the calculator you will find the published terms of loan apps and a search of the Central Bank of Kenya (CBK) list of licensed digital credit providers, so you can check a lender before you borrow.

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How to Use the Loan Comparison Tool

For each offer, type the lender’s name, the amount, the yearly interest rate, the number of months and any fees as a percentage of the loan, such as appraisal, processing or insurance fees. Choose whether the rate is on a reducing balance or flat. The tool shows the monthly instalment, total interest, fees and total cost for each offer, and highlights the cheapest. We do not take payment from any lender on this page, and none of the lenders listed has paid to appear.

Bank headquarters building in Nairobi: illustrating Loan Comparison Kenya: Compare Offers From CBK-Licensed Lenders
Bank headquarters building in Nairobi. Photo: Ruslik0 / CC BY-SA 4.0 via Wikimedia Commons

How to Calculate and Compare Loan Costs

On a reducing balance loan, interest is charged only on what you still owe, so the monthly payment is P × r ÷ (1 − (1 + r)−n), where P is the loan, r the monthly rate (yearly rate ÷ 12) and n the months. On a flat rate loan, interest is charged on the full amount for the whole term: P × yearly rate × months ÷ 12, added to the loan and split into equal payments.

Example: KSh 200,000 for 12 months at 14% on a reducing balance costs about KSh 17,957 a month and KSh 15,489 in interest. The same 14% charged flat costs KSh 28,000 in interest, nearly double. A 3% processing fee adds KSh 6,000 to either. That is why the total cost, not the headline rate, is the figure to compare.

Check the Lender Is Licensed

Digital lenders must be licensed by the CBK. The search box checks the CBK Directory of Digital Credit Providers updated 29 September 2026, which lists 281 companies. Banks, microfinance banks and Saccos are licensed under different lists, so a bank not appearing here is normal. Our full list of CBK-licensed digital lenders has contacts and addresses.

Frequently Asked Questions

Why does my bank’s rate change?

Many banks now price variable loans as a reference rate (KESONIA) plus a premium based on your risk profile, so two borrowers can get different rates.

What is APR?

The annual percentage rate shows yearly cost including fees. Loan apps publish APR ranges on Google Play, shown in the table.

Should I take a mobile loan or a bank loan?

Mobile loans are fast but short and costly per year. For larger, longer needs, a bank or Sacco loan is usually cheaper. See our mobile loan cost calculator.

Can I compare Sacco loans here?

Yes. Enter the Sacco’s rate, term and fees as an offer.

Sources

  • Central Bank of Kenya, Directory of Digital Credit Providers, updated 29 September 2026 (centralbank.go.ke).
  • Loan app terms as each lender publishes them on its Google Play listing, checked 13 October 2026.
  • Co-operative Bank of Kenya FAQ on KESONIA risk-based pricing (co-opbank.co.ke).

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About Author

Norah Waceke is a business journalist and editor at Business Radar with more than eight years of experience covering Kenya's economy, companies and markets. She previously worked at Kenyans.co.ke, one of the country's leading digital news platforms, where she reported on business, finance and current affairs. A graduate of Multimedia University of Kenya, Norah focuses on clear, accurate reporting that helps readers understand the money stories shaping their lives and businesses.

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